Just a reminder the US is in debt.

[ZenOps]

Not like its new news or anything, but just to refresh some facts before tomorrow:

http://articles.latimes.com/2010/aug/17/business/la-fi-consumer-debt-20100817

"Because mortgages account for most household debt, California led the nation with the highest amount of debt outstanding per person: $77,500, down 2.3% from the first quarter and 12% from early 2008.

Of the 11 states that the study broke out individually, Ohio had the lowest debt per capita, slightly less than $40,000. The national average was $48,800."

The US likes to do debt per capita, in Canada we prefer to measure debt per household.

[broken_legs]

Thats only accounting for current debt on the books.
Does not account for future liabilities, such as pension and medicare etc...

WE'll have the amero here soon enough. The conversion will make those debts seem pretty small.

[Scuderia]

Originally posted by broken_legs
Thats only accounting for current debt on the books.
Does not account for future liabilities, such as pension and medicare etc...

WE'll have the amero here soon enough. The conversion will make those debts seem pretty small.
Exactly. Future debts will probably outweigh what's being shown now. The problem is everyone is simply trying to deal with the debt as it comes, it's such a stagnant process where the debt is either staying the same or decreasing insignificantly.

[googe]

Mortgages aren't really debt, with a few exceptions.

[ZenOps]

Originally posted by googe
Mortgages aren't really debt, with a few exceptions.

Thats exactly the mentality that got the US into the mortgage crisis.

Of course houses are debt... If a house in Detroit can average $7,500 then a paid off house can even be considered a financial burden (even if you don't live in it, you still have to pay yearly taxes on it)

Land, property and housing can cost nothing intially. Even historically in Canada - they lured people to Canada with the promise of 160 acres of land completely free (to certain ethnic/racial groups, but that is a different story) if they simply built a house on it.

[InRich]

wait a sec I dont get this.... Their average dept is 77k per person, WITHOUT the mortgage? or with it the mortgage included.... cause 77k is really nothing if u think about it....

[Scuderia]

Originally posted by InRich
wait a sec I dont get this.... Their average dept is 77k per person, WITHOUT the mortgage? or with it the mortgage included.... cause 77k is really nothing if u think about it....

Obviously without a mortgage.

[syeve]

Originally posted by InRich
wait a sec I dont get this.... Their average dept is 77k per person, WITHOUT the mortgage? or with it the mortgage included.... cause 77k is really nothing if u think about it....



Originally posted by Scuderia


Obviously without a mortgage.

That must be including a mortgage?? It says it includes a mortgage in the OP.

If that is true, than $77k/capital in consumer debt? That seems REALLY high.

From Stats Can -

Per capita, Americans have more debt than Canadians
The per-capita debt of Canadians has risen 5.2 times over the last 25 years, from $5,470 in 1980 to $28,390 in 2005. For Americans, it jumped 7.5 times, from CAN$6,510 to $48,700. Per-capita debt has been increasing steadily in both countries, but the disparity between the two countries, almost non-existent at the beginning of the 1980s, began to increase sharply from 1999 onwards. This is partly due to Americans opting to take on more mortgage debt (including refinancing). Increasing mortgage debt for refinancing purposes or taking out home-equity loans implies that homeowners in both countries are using their homes as a source of cash to finance their spending rather than as an investment. (Per capita, Americans have more debt than Canadians - Chart)

http://www.statcan.gc.ca/pub/75-001-x/commun/11-10.gif

Source
http://www.statcan.gc.ca/pub/75-001-x/commun/4096031-eng.htm

[kertejud2]

OTSQozWP-rM

[Crymson]

Originally posted by kertejud2
OTSQozWP-rM

I wish republican's ACTUALLY believed this. Cutting gov't waste? How about not having a military budget that rivals the rest of the world COMBINED. Yet they're trifle on about social security and medicare because cutting military spending is anti american.

they took our jobs? DEY DOOK OUR DOBS! DERP DERP DEEEERPPP??!!

[syeve]

http://i.imgur.com/Vdk6D.jpg

[Scuderia]

Originally posted by syeve





That must be including a mortgage?? It says it includes a mortgage in the OP.

If that is true, than $77k/capital in consumer debt? That seems REALLY high.

From Stats Can -

Per capita, Americans have more debt than Canadians
The per-capita debt of Canadians has risen 5.2 times over the last 25 years, from $5,470 in 1980 to $28,390 in 2005. For Americans, it jumped 7.5 times, from CAN$6,510 to $48,700. Per-capita debt has been increasing steadily in both countries, but the disparity between the two countries, almost non-existent at the beginning of the 1980s, began to increase sharply from 1999 onwards. This is partly due to Americans opting to take on more mortgage debt (including refinancing). Increasing mortgage debt for refinancing purposes or taking out home-equity loans implies that homeowners in both countries are using their homes as a source of cash to finance their spending rather than as an investment. (Per capita, Americans have more debt than Canadians - Chart)

http://www.statcan.gc.ca/pub/75-001-x/commun/11-10.gif

Source
http://www.statcan.gc.ca/pub/75-001-x/commun/4096031-eng.htm

**Sorry meant to say obviously with the mortgage.